Mnuchin says ultra-long us bonds can make sense

Cheryl Sanders
May 3, 2017

"It's something that I would certainly consider", Trump told Bloomberg on Monday, saying he would be in favor if the money was earmarked "toward the highways".

Trump's tax plan, released last week, did not mention the gas tax, which is 18.4 cents a gallon on gasoline and 24.4 cents a gallon for diesel.

Administration officials and supporters say the tax cuts will spawn economic growth, provide much-needed relief to middle-class taxpayers and reduce distortions in savings and investment decisions.

Congress has not raised the federal gas tax since 1993.

The anti-tax activist Grover Norquist, a longtime opponent of raising the gas tax, said on Monday that there are other things Congress can do to improve infrastructure.

The American people don't need to give any more money to Trump's family when he continues to take so much from them, including every single time the president goes golfing at Mar-a-Lago.

"If President Trump is in fact serious about closing the carried interest tax loophole for hedge fund managers on Wall Street, we are introducing legislation to do just that and we welcome his support so he can keep the promise he has made", said Senator Baldwin.

The cost behind the Trump administration's actions is something that won't ever cross their minds because this tax plan benefits the wealthy, no one else. "Nobody can fight it", he said in the interview. With a 22-vote margin in the House of Representatives and with no Democratic support, Republican leaders will be dealing with some brutal arithmetic when it comes to eliminating state and local tax deductions. Mnuchin reiterated that the "intent" of the bill is not to lower taxes for high earners, but to offset rate cuts by the elimination of deductions. In his inaugural address Trump said, "For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost...."

For tax reform to be a reality, Trump is likely going to have to make some concessions to assuage concerns on income inequality and the federal deficit.

The U.S. economy has been in decline for decades. The Treasury Secretary was speaking on stage in an interview with Maria Bartiromo of Fox Business News at the Milken Institute Global Conference in Los Angeles, California.

The plan, however, was silent on gasoline taxes, a potentially delicate issue given the widespread impact any increase would have on USA households.

Trump's plan will include $200 billion in direct federal funding to leverage private investment for $1 trillion in spending over 10 years, Chao said. Foreign earnings, however, would not be taxed at all and past earnings will be allowed to be repatriated at a one-time special rate.

TRUMP: "When I watch some of the news reports, which are so unfair, and they say we don't cover pre-existing conditions, we cover it beautifully".

White House Press Secretary Sean Spicer told reporters in mid-April that Trump continues to be audited, noting that his recently-filed 2016 returns were under IRS' scrutiny as well.

Most "tax breaks" would be repealed.

Other reports by iNewsToday